According to international standards in AML/CFT, in addition to undertaking customer due diligence (CDD) process when handling account opening applications, banks are required to review and update information on existing customers on a regular basis. The frequency and extent of the reviews will depend on the risk profile of the customers concerned. Therefore, you may receive letters from banks requiring you to update customer information or account activities, even though the bank accounts have been maintained for years. Nevertheless, banks should endeavor to assist customers in the process. If customers have difficulties in meeting the information requests of banks, they can call the banks to discuss.
Up-to-date information not only helps banks to protect customers from the risk of fraud and financial crime, it also enables the banks to better understand the needs of the customers and provide the most suitable services and products.